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FIRST PUBLISH SEPTEMBER 2024
ACC 2213 MGCCC Exam 2 Study Guide
Paul Johnson Study Guide with Verified
Solutions
Distinguish between adjusting and correcting entries - Answer✔✔-Adjusting entries are a planned part
of the accounting process to update the accounts. Correcting entries are not planned but arise only
when necessary to correct errors.
Identify the types of accounts affecting deferrals and accruals, including their classification and normal
balances. - Answer✔✔-Prepaid Expenses, Unearned Revenues, Accrued Revenues, Accrued Expenses
Identify the accounting method required by GAAP - Answer✔✔-The accrual basis accounting method.
Know the different accounting concepts covered in the text - Answer✔✔-Accounting period concept-
requires that revenues and expenses be reported in the proper period.
Revenue Recognition Concept- The accounting concept that supports reporting revenues when the
services are provided to customers.
Matching Concept - A concept of accounting in which expenses are matched with the revenue generated
during a period by those expenses.
Page 1/3
FIRST PUBLISH SEPTEMBER 2024
ACC 2213 MGCCC Exam 2 Study Guide
Paul Johnson Study Guide with Verified
Solutions
Distinguish between adjusting and correcting entries - Answer✔✔-Adjusting entries are a planned part
of the accounting process to update the accounts. Correcting entries are not planned but arise only
when necessary to correct errors.
Identify the types of accounts affecting deferrals and accruals, including their classification and normal
balances. - Answer✔✔-Prepaid Expenses, Unearned Revenues, Accrued Revenues, Accrued Expenses
Identify the accounting method required by GAAP - Answer✔✔-The accrual basis accounting method.
Know the different accounting concepts covered in the text - Answer✔✔-Accounting period concept-
requires that revenues and expenses be reported in the proper period.
Revenue Recognition Concept- The accounting concept that supports reporting revenues when the
services are provided to customers.
Matching Concept - A concept of accounting in which expenses are matched with the revenue generated
during a period by those expenses.
Page 1/3
